Bitcoin Price started a sharp rise and traded above $ 124,000. BTC now consolidates profits and can strive for a new rally in the short term.
- Bitcoin started a large increase above $ 123,500 zone.
- The price is traded above $ 122,000 and the simple simple advancing average of 100 hours.
- There is a bullish trend line in the short term that forms with support at $ 123,000 on the hourly table of the BTC/USD pair (data feed from Kraken).
- The couple can continue to go up if it knew the $ 124,500 zone.
Bitcoin -Price starts new rally
Bitcoin Price managed to stay above $ 120,000 zone and started a new increase. BTC settled above the $ 121,500 resistance zone to start the current move.
The bulls could be the price above the levels of $ 123,500 and $ 124,000 pumps. They even erased the level of $ 125,000. A high was formed at $ 125,670 before a small withdrawal was up to $ 122,250. The price rises again and acts near the 50% FIB retracement level of the recent decrease of the $ 125,670 Swing high to $ 122,320 low.
Bitcoin is now traded above $ 123,000 and the 100 -hour simple advancing average. By the way, there is a bullish trend line in the short term that forms with support for $ 123,000 on the hourly table of the BTC/USD pair.
Immediate resistance at the top is near the level of $ 124,000. The first key resistance is near the $ 124,500 level or the 61.8% FIB retracement level of the recent decrease of the $ 125,670 Swing high to $ 122,320 low. The next resistance can be $ 125,500. A close -up resistance of $ 125,500 can further send the price. In the indicated case, the price could rise and the resistance of $ 126,500 tests. More profits can send the price to the $ 128,000 level. The next barrier for the Bulls can be $ 130,000.
Disadvantage correction in BTC?
If Bitcoin does not rise above the $ 124,500 resistance zone, this can start a new decline. Immediate support is close to the level of $ 123,000 and the trend line. The first major support is near the level of $ 122,250.
The next support is now near the $ 121,500 zone. More losses can send the price to $ 120,000 support in the short term. The most important support is $ 118,500, including BTC may have difficulty recovering in the short term.
Technical indicators:
MACD per hour – The MACD now wins pace in the bullish zone.
Picly RSI (Relative strength -Index) -The RSI for BTC/USD is now above 50 -level.
Important support levels – $ 123,000, followed by $ 122,250.
Large resistance levels – $ 124,500 and $ 125,500.